Eike Batista's MMX Temporarily Halting Production at Serra Azul Unit

Employees at Main Unit in Minas Gerais State Will Be Required to Take 30-Day Vacation

By

Luciana Magalhaes

Updated Aug. 21, 2014 6:12 p.m. ET

SÃO PAULO—Troubles continue to mount for former Brazilian billionaire Eike Batista, whose mining company faces a cash squeeze and is trying to find partners or sell assets to stay afloat.

On Wednesday, Batista's mining company, MMX Mineração e Metálicos SA, said it is temporarily halting production activities at its main unit in Minas Gerais state. The company blamed a decline in global iron-ore prices as well as operating...